Sharks Hot Stove

Grier pays the minimum tab and guards the window: my July 1 forecast

A detailed, specific, almost-certainly-wrong prediction. The whole point is the receipts.

GS
Grab Some PineJun 30, 20265 min read
Every call on this site goes on a public ledger and gets graded. The misses stay up.

Here is the thing about forecasting free agency two days out: I am going to be wrong, probably about most of it, possibly about all of it. (Trying anyway is the whole exercise. I respect the disorder.) So let me be wrong with conviction and exact dollar figures, because a prediction that hedges every line is just a weather report with a logo on it.

The whole thesis in one sentence: the cap floor is a bar tab with a minimum, Mike Grier is the designated driver, and he is going to order exactly enough cheap rounds to satisfy the bouncer while staying sober enough to drive the kids to 2028.

Anyway. The receipts.

The read

San Jose sits at ~$63.6M committed (PuckPedia, verified). The floor is $76.9M. That is not a goal, it is a legal minimum: Grier must put roughly $13M of salary on the tray whether he wants the calories or not. The need is exactly one thing, a right-shot defenseman who can quarterback a power play, because the forwards are full at 13 and the goalie room (Askarov, Nedeljkovic) is closed for renovations.

The forecast slate#

PlayerThe moveTermsOdds
Collin Graf (RFA)Re-sign, bridge-plus3 yr / $12.6M ($4.2M)High
Shakir Mukhamadullin (RFA)Re-sign, arbitration bridge2 yr / $4.4M ($2.2M)High
Vincent Desharnais (UFA)Re-sign, the PK righty2 yr / $4.5M ($2.25M)High
Jacob Trouba (UFA)Sign, the veteran right shot2 yr / $7M ($3.5M)Medium
PP1 quarterbackInternal: Cagnoni or Dickinson$0 (already here)Medium
A cap-dump tradeEat ~$4M + a pick to clear the floorUses a retention slotBold swing
The real top-4 RHDWaits for the trade deadlinen/aStructural call

Reading the tray#

The three re-signs are the layup. Grier already qualified Graf and Mukhamadullin on June 30, which is the front office equivalent of putting your hand on the car at the dealership. Graf turned 21 goals and 46 points into leverage he technically does not have (no arbitration rights), so my pick is a bridge with a year of cushion baked in: 3 years at $4.2M, betting the scoring is real before it gets expensive. Mukhamadullin files for arbitration as a formality and lands at $2.2M. Desharnais comes back because every blue line needs one big quiet man who kills penalties and says nothing.

The one outside signing is a veteran righty, and it is short. This is where the discipline shows. The dream names are gone or wrong: Carlson chose Carolina, Andersson is going to take six or seven years from somebody (Detroit, I would guess) that San Jose should not and will not match. So Grier signs a stopgap who eats floor money without mortgaging a thing. The pick: Jacob Trouba, 2 years at $3.5M, physical, right-handed, useful on the kill, gone before the kids force him out. (The sentimental alternative, and I would not hate it: Brent Burns comes home on a one-year, $3M reunion to fire the point shot on the second power play and teach Verhoeff how to grow a beard. If Grier gets nostalgic, that is the move.)

The power play gets quarterbacked by a 21-year-old, on purpose. With Carlson gone, the PP1 keys go to Cagnoni or Dickinson, which is cheaper than a rental and, conveniently, the thing the smart people wanted all along.

The bold swing: one cap-dump trade. San Jose has a retention slot open and a pile of room. The most Grier thing in the world is to take an unwanted ~$4M contract off a cap-strapped contender, attach a late pick of his own, and get a 2027 second-rounder for the trouble. He clears the floor with cushion and banks an asset. He has done this before with Walman, with the Karlsson retention, with Kesselring's no-trade clause. He likes getting paid to absorb other people's mistakes.

What does NOT happen (write these down too)

No Andersson at term. No Werenski blockbuster (you do not gut the best farm system in hockey for a defenseman who can walk in 2028). No Hellebuyck (the crease is full). No splashy winger (the top nine is full and then some). And no panic. The big top-four right shot is a March problem, bought with picks when a seller gets desperate, not a July 1 one.

Where the tab lands#

Add it up and the Sharks sit around $79.8M: over the $76.9M floor by a comfortable ~$2.9M, roughly $24M under the ceiling, with the longest new commitment being Graf's three years. Nothing reaches the 2028-29 wall where Celebrini, Smith, Misa, Dickinson, and Chernyshov all get paid at once. The window stays clean. That is the entire game.

The playoff verdict

This roster makes the push on internal growth, not free agency: Stenberg arriving for ~50 points, a Will Smith leap toward 70, Misa's sophomore step, the post-Olympic-break system being the real team, and a healthy Celebrini dragging the curve. My call: in the wild-card hunt to the final week, a genuine coin flip, and probably a few points short again (call it 88 to 92), with the real swing arriving at the deadline. Close enough to believe. Not yet built to finish.

I will score this against reality once the dust settles, line by line, and own whatever I botched. (My over/under on being right about a single contract to the dollar is roughly zero, and I am taking the under.)

Grier orders the well drink, leaves a modest tip, and keeps the keys.

Sounds about right. Let's see what happens.

Your Sharks desk · forecast built off the post-draft board, the RFA tracker, and PuckPedia-verified cap. All guesses, no inside information, and the fun is in the box score later.

Editor's note, 2026-09-20

This piece states San Jose's need as one thing, a right-shot defenseman who can quarterback a power play. A count of all 32 clubs for 2025-26, published here on September 20, says the handedness does not belong in that sentence: 17 clubs gave more power-play time to a left-shot defenseman than to any right shot, and the 11 who gave a right shot under 100 minutes ran a better power play than the league mean. I would strike "right-shot" from the statement of need and leave the need standing. No number here is wrong. The frame is, and it was mine to catch.

CP

Filed under Sharks

More in The Big Picture

The whole thread →
Mike Grier Bought The House
The offseason

Mike Grier Bought The House

A blue-line overhaul was mandatory. Paying the top of the market on double the term was not. Comparable defensemen went for $4M that week and the best one available went for two years, while San Jose committed four.

Grab Some PineJul 24, 20268 min read
The forecast, redone: Stenberg is an NHL player, and it changes the picture
Sharks Forecast, v2

The forecast, redone: Stenberg is an NHL player, and it changes the picture

Redone, with Stenberg in the lineup where he belongs

Grab Some PineJun 24, 20267 min read
SHARKS FRONT OFFICE REVIEWthe weakness is real, andour plan leans on itgrabsomepine.comsharks
Sharks front office review

The Grier report card: four years graded, one pattern found, and what it predicts for June 27

The Grier report card, due before the two dates that matter

Grab Some PineJun 12, 20266 min read

Latest on the Sharks

The whole beat →
San Jose's kill was allowing the chances before it allowed the goals
Penalty kill

San Jose's kill was allowing the chances before it allowed the goals

San Jose's penalty kill fell from 84.9 to 76.4 percent in four games. MoneyPuck's four-on-five numbers show the chances were already among the league's worst before the goals came, and the last four games made them worse.

Dom CahillNov 11, 20264 min read
Celebrini's line won the chances, but Toffoli was on for both regulation goals
Post-game

Celebrini's line won the chances, but Toffoli was on for both regulation goals

San Jose beat the New York Islanders 3-2 in an eight-round shootout at SAP Center on Monday and ended a five-game losing streak. Tyler Toffoli was on the ice for both regulation goals in 10:57. The Misa, Celebrini and Smith line won its five-on-five chances and scored nothing, and Ilya Sorokin stopped all three shots on a two-minute four-on-three.

Dom CahillNov 10, 20264 min read
Pohlkamp reaches San Jose, and the board does not move
Prospects

Pohlkamp reaches San Jose, and the board does not move

Pohlkamp's first NHL games are the week's real change on the Sharks prospect board; Stenberg's three goals are the louder one, and nobody moves.

Dom CahillNov 10, 20261 min read

Earlier on the Sharks

San Jose has held its own for three games. One line has not.
Weekly review

San Jose has held its own for three games. One line has not.

San Jose's improved five-on-five play has left the Stenberg-Misa-Sherwood combination behind as the road trip reaches its first back-to-back.

Dom CahillOct 18, 20265 min read
Everybody Signed The Same Lease. The Rent Ran From $7.2 Million To $18.8 Million.
The contract market

Everybody Signed The Same Lease. The Rent Ran From $7.2 Million To $18.8 Million.

Clarke, Demidov, Carlsson, Mintyukov, Nemec, Bedard and Celebrini all signed between June 26 and July 29. Six of the seven landed on five years, three defensemen negotiated by three separate front offices landed within $200,000 of each other, and the term on the summer's biggest restricted free agent contract was written by a team that never employed him. What that leaves San Jose is a date in 2032 it did not pick.

Grant LombardAug 5, 20265 min read
ANALYSIS"You cannot manufacture a90-point winger."grabsomepine.comsharks
Analysis

What the Sharks should do at No. 2: take Reid, and the one move that's even better

Rather than default to the industry consensus, this works the pick from a different angle than 'who is the best player,' and it lands one half-step past the consensus rather

Grab Some PineJun 2, 20267 min read